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Kia Motors profit misses consensus by 18.7% in Q2

Kia Motors Corp. said its normalized net income for the second quarter amounted to 1,650.95 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 2,029.53 won per share.

EPS rose 6.4% year over year from 1,551.09 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 661.92 billion won, a gain of 6.5% from 621.63 billion won in the prior-year period.

The normalized profit margin declined to 3.3% from 5.0% in the year-earlier period.

Total revenue climbed 16.1% year over year to 14.450 trillion won from 12.441 trillion won, and total operating expenses climbed 16.0% from the prior-year period to 13.679 trillion won from 11.790 trillion won.

Reported net income rose 10.6% on an annual basis to 825.69 billion won, or 2,059.42 won per share, from 746.51 billion won, or 1,862.70 won per share.

As of Aug. 16, US$1 was equivalent to 1,094.67 South Korean won.